KUALA LUMPUR, April 11 — The ringgit closed easier against the US dollar today on better buying demand for the greenback, dealers said.
At 6 pm, the local unit was quoted at 3.8730/8760 against the US dollar from Tuesday’s close of 3.8670/8700.
OANDA Head of Trading Asia-Pacific Stephen Innes said the ringgit remained very much stuck in neutral, and not unexpectedly so, given the mild political headwinds.
“Oil prices continue to be incredibly supportive, but investors appear more content to sit this one out until the (14th general) election passes,” he told Bernama today.
Another dealer told Bernama, crude oil markets surged more than three per cent yesterday as investors grew more confident the US and China would resolve their trade dispute without damaging the global economy.
The local unit was traded lower against a basket of major currencies.
The ringgit depreciated against the Singapore dollar at 2.9594/9628 from Tuesday’s close of 2.9492/9535 and eased against the yen to 3.6206/6248 from 3.6130/6168.
It weakened versus the euro to 4.7940/7981 compared to 4.7641/7694 yesterday and fell against the British pound to 5.4966/5012 from 5.4784/4846. — Bernama